Bitcoin mining is now a specialized and very risky industry, just like gold mining. Amateur miners are unlikely to make much money, and may even lose money. Bitcoin is much more than just mining, though!

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Just wanted to let you know that I am constantly working on the parts that I have decided to focus on and that I will try to give a detailed status update by tomorrow. I have made a huge progress regarding the base client with its PoS blased mini-blockchain scheme. I think we can safely assume this part to be finished, even though I will start a development branch on Github implementing Dazza's scheme: i still like it more than mine. Currently we just have a regular NXT based PoS scheme which is combined with Cryptonites mini-blockchain scheme and so is a novelty on its own.

Anyway, we have a fully working basis now which we can use to develop and evaluate the verifiable computation part which is essentially the core aspect of this coin. For those of you who didn't follow the entire thread: verifiable computation is required so the network can verify quickly (and reliably) that a miner has actually performed a certain amount of work on an arbitrary algorithm without actually performing the complex calculation itself over and over again.Basically, Miners get rewarded for contributing computation power to solve complex tasks, and everyone else can verify that quickly and efficiently.

Now I will have to deal with the omnipresent faster algorithm attack (FAA)

Just curious: Is anyone of you guys willing to work on the website? The FAQ section needs some input urgently.I personally do not want to get paid at all as I am totally behind the open source idea but if you ask Lannister I am sure he will agree on rewarding you properly to do so.

Thanks for the update.I'd love to hep you out with anything related to graphics.

Just wanted to let you know that I am constantly working on the parts that I have decided to focus on and that I will try to give a detailed status update by tomorrow. I have made a huge progress regarding the base client with its PoS blased mini-blockchain scheme. I think we can safely assume this part to be finished, even though I will start a development branch on Github implementing Dazza's scheme: i still like it more than mine. Currently we just have a regular NXT based PoS scheme which is combined with Cryptonites mini-blockchain scheme and so is a novelty on its own.

Anyway, we have a fully working basis now which we can use to develop and evaluate the verifiable computation part which is essentially the core aspect of this coin. For those of you who didn't follow the entire thread: verifiable computation is required so the network can verify quickly (and reliably) that a miner has actually performed a certain amount of work on an arbitrary algorithm without actually performing the complex calculation itself over and over again.Basically, Miners get rewarded for contributing computation power to solve complex tasks, and everyone else can verify that quickly and efficiently.

Now I will have to deal with the omnipresent faster algorithm attack (FAA)

Just curious: Is anyone of you guys willing to work on the website? The FAQ section needs some input urgently.I personally do not want to get paid at all as I am totally behind the open source idea but if you ask Lannister I am sure he will agree on rewarding you properly to do so.

Whats the website basis ? Html5/css/JS/nodeJS ? what would you like to be done ?

Whats the website basis ? Html5/css/JS/nodeJS ? what would you like to be done ?

Well, the website is written in NodeJS with Express and Jade, which in my opinion is an overkill but it's just the way it is.I think there are still some open things to do, for example a "Reward Calculator" so people can calculate their estimated ELC they get for a donation, and also the FAQ section would need some input. Maybe a visual explanation how to donate and how to backup the private keys. This is the first thing that comes to my mind. I am sure there are also other things that could be done.

Whats the website basis ? Html5/css/JS/nodeJS ? what would you like to be done ?

What I also just thought of, some news section on the website would be also great so people can follow the current status of the development. Right now people must scroll through this entire thread and search for the relevant postings

Thanks to Lannister for the time! You can click on the image to read it!

Enjoy

The Crypto World

Outstanding work!I have read through your other articles as well: you consistently bring your all and I truly appreciate that.

No, I will not disclose my real name on the Internet. The very simple reason I’m anonymous is so that I can talk freely about a free web. One mistake people often make is having the faulty assumption that knowing my real name or my association with a respected person, group or organization might get them to trust me more. In fact, I have no authority here. Elastic Project is a loosely associated group of developers which constantly changes over time. If you prefer projects with a more centralized structure, then please move on. Specifically, I kindly ask you to refrain from any messages that try to convince me of the contrary. My time is too valuable to be wasted with the same discussion again and again.

After I finish the UI for the proof-of-stake information I will begin to work on the new transaction type that is required to broadcast "user supplied work packages" to the network parallely to the literature research concerning the verifiable computation.

Nice site i like the thought that ICO-s r gathered in one place, just make the site more readable, i mean those coins graphics r to big, maybe if u make something more table vise would be better . good job btw.

So basically Elastic is a network where computational power can be used by other people such as researchers and scientists etc?

On the surface it will "feel" like mining: people invest computational resources and get Elastic Coins in exchange.The central idea is, that scientists, researchers or anyone else who needs computational resources can "submit" his task to the network, pay a certain number of ELC, and have it calculated. Elastic basically provides a cryptographically secure method to make sure that the "scientist" gets his work done correctly and that the "miners" or "workers" (i call them this for now) get paid for the work they have done. All without a third party and all entirely secure.

So basically Elastic is a network where computational power can be used by other people such as researchers and scientists etc?

On the surface it will "feel" like mining: people invest computational resources and get Elastic Coins in exchange.The central idea is, that scientists, researchers or anyone else who needs computational resources can "submit" his task to the network, pay a certain number of ELC, and have it calculated. Elastic basically provides a cryptographically secure method to make sure that the "scientist" gets his work done correctly and that the "miners" or "workers" (i call them this for now) get paid for the work they have done. All without a third party and all entirely secure.